Home Business FG to create enabling environment for businesses–Osinbajo

FG to create enabling environment for businesses–Osinbajo

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Vice-President Yemi Osinbajo has given an assurance  that the President Muhammadu Buhari led administration will continue to create  an enabling environment for businesses in the country.

The Vice-President gave the  assurance at the monthly meeting of the Presidential Enabling Business Council (PEBEC) held at the State House, Abuja, on Tuesday.

He stated that the government would continue to improve in all the factors that would transform the nation’s economy for the general good of the people.

“We are at a point when we feel obliged to do our very best to improve in all the factors that will create an enabling environment for businesses in the country,’’ he said.

Osinbajo, however, maintained that all Nigerians must be committed to improving the economy by avoiding acts capable of frustrating government’s efforts aimed at boosting socio-economic activities across the country.

According to him, once a system is in place that punishes bad behaviour and enforces the consequence for misconduct, the people will behave well.

“We have to be committed to what we want to achieve. We must develop a system that punishes bad behaviour and rewards  good behaviour,” he said.

The vice president recalled how between 1999 and 2007 in Lagos State, a reform of the judiciary ended the perception of corruption in that arm of government  after  the principle of enforcing consequences for bad behaviour was in place.

He further cited a survey conducted in Lagos State  in 1999  which indicated that there was corruption in the state’s judiciary by an overwhelming 89 percent  and yet no one was  sanctioned.

“So we decided to deal with the situation. In the first year,  we sacked 21 magistrates and three judges in the second year.

“By 2007,  when we conducted the same survey, the result was zero percent.

“Nigerians, like any other,  will behave well  if we put in a system where people won’t get away with misconduct. We are the ones to do it, Osinbajo said.

The News Agency of Nigeria (NAN) reports that PEBEC was established by President Muhammadu Buhari as part of efforts to demonstrate the highest possible political will necessary to identify and implement the reforms that will improve the business environment in Nigeria.

It is also meant to improve Nigeria’s ranking in the annual World Bank Doing Business global ranking.

The meeting of the council, which was presided over by the vice-president, was attended by nine cabinet ministers.

There was an interactive session with the World Bank team led by the Country Director, Rachid Benmessaoud, and other senior officials from the Washington DC head office of the global financial institution.